By AnchorNews Business Desk

The Nigerian naira continued to face pressure against the United States dollar on Monday, October 27, 2025, trading at ₦1,499 per dollar at the Lagos parallel market, according to Bureau De Change (BDC) operators.

Traders reported buying the dollar at ₦1,485 and selling at ₦1,499, reflecting a marginal depreciation from last week’s average of ₦1,480 to ₦1,495.

At the official Central Bank of Nigeria (CBN) window, the exchange rate remained slightly stronger, with the dollar trading between ₦1,450 and ₦1,457.

Market analysts attributed the continued pressure on the naira to rising demand for foreign currency by importers and limited dollar supply from official channels.

The CBN has repeatedly warned against patronizing the parallel market, urging individuals and businesses to access foreign exchange through authorized financial institutions.

Despite these interventions, many Nigerians continue to rely on the black market, where rates are often more reflective of actual market demand.

As of Tuesday morning, exchange rate watchers expect further fluctuations depending on CBN liquidity injections and market confidence in ongoing monetary reforms.